‘No immediate plans to revise current tax threshold’

The Ghana Revenue Authority says there are no immediate plans to revise the current tax threshold which stands at 120 000 Ghana Cedis.

The threshold is the amount of taxable sales that qualifies one to register for Value Added Tax. The current figure at the time of proposal corresponded to the international threshold of 100 000 dollars. However with the depreciation of the cedi, there have been speculations there could an amendment.

Francis Ocran of the GRA’s Policy and Programme Department told JOY BUSINESS at the SME Clinic organised by Union Savings and Loans that, any amendment should come from tax policy unit of the Ministry of Finance.

“Our concern is not with the amendment of the threshold. Our concern is with implementing the new additions like the tax on financial Services and real estate”, he said.

Union Savings and Loans Limited, one of the oldest savings and loans companies in Ghana introduced its Small and Medium Scale Enterprise (SME) Clinic in June this year.

The new service is a management capacity building programme aimed at offering business solutions towards advancing the growth of SME’s to help accelerate the country’s development.

The regular formal classroom training session is held on a monthly basis at a specially built center at the premises of Unions Savings and Loans.

The training programme is facilitated by the Union’s internal managers, experts from partner institutions and when necessary, external consultants.